You most likely spent a great deal of time researching your rental properties before purchasing them. You looked at location, occupancy rates, maintenance needed, and much more.
Just like researching the right property, you want to find the right property management company. Your property manager does much more than collect the rent and take care of emergencies. Because of this, you want to find a team you can trust.
Protect your investment by making sure you know how to choose the best property manager. Let’s uncover some things to look for.
Look at Qualifications
For the best service and experience, look for a property management company with a strong set of qualifications.
This isn’t the time to hire the local handyman as your property manager.
Consider hiring a company that is a member of the National Association of Residential Property Managers (NARPM) and is also a real estate agent to assist with buying and selling needs.
Review Online Presence
Most people begin their property searches online. This means they are landing on your prospective property management company’s website.
Do you like what you see? Do they have a professional website with property listings?
Do they look like they’re familiar with your area? Are there helpful resources for both investors and renters on their website? Are they easy to get a hold of?
Their website should make you feel confident they are legitimate and experienced.
A strong digital presence means they’re better able to showcase your property to potential tenants.
One of the best things you can do is ask around. Word of mouth can tell you a lot about a company’s reputation.
Who can you ask? Ask your real estate agent or your banker. Ask friends or colleagues who own investments in your area.
You can also check with the Better Business Bureau or the Connecticut Real Estate Commission.
Ask About Experience
This is a must when choosing the best property management company. When you hire an experienced team, you hire someone who knows how to handle whatever comes their way.
In addition, look at what types of properties they are experienced handling. For example, if they manage commercial properties and that’s your investment, you’ll have a positive partnership.
Oftentimes companies are well-versed in many different types of property management. Just do your due diligence to make sure they know how to run your type of property.
Review Services Offered
When choosing, you also want to look at the services the property management company provides. After all, these services are why you’re handing your investment over to someone else to manage.
Here are some services to look for:
- Funds management: Do they collect the rent, handle deposits, and take care of unpaid bills for you? Will they handle taking care of the monetary needs of your property?
- Tenant screening: Will they find the best candidates for your property? Do they comply with all local, state, and federal guidelines? Do they have the ability to do background checks on tenants? Ask about their vacancy rates.
- Marketing: You want them to find tenants for you. Their ability to market your property is vital to the success of your investment. Make sure they offer this service and have a proven track record. Ask what types of media they’ll use including digital strategies.
- Maintenance and repairs: Can they handle maintenance issues? Do they have a good working relationship with contractors?
- Inspections: Do they complete thorough move-in and move-out inspections, do they conduction annual inspection and how are these inspections documented?
- Leasing and lease management: Do they use a lease that protects your property or are they using basic standard CT leases that meet the bare minimum of a written lease?
- Tenant benefits: Do they provide tenants with benefits when they rent from you? Do they offer credit reporting for tenants, do they give tenants tools to communicate, handle issues, or that engage the tenant? After-all the tenant is your customer, and the happier your customer, the longer you will retain renters and the better they will treat your assets.
Their scope of service should be presented to you in your proposal from the property management company. Do read all the fine print and ask questions.
Your ideal property management company is a good partner in your investment.
Do your research and find a stable team with experience and good communication skills.
Finally, make sure to have your lawyer look over your contract with your chosen company. This ensures you are completely aware of the responsibilities and duties of each party.
At PMI Property Management East Lyme, we are your full-service residential and commercial management company. We are here to protect your investments every day.